Tekmar Group 'ready for growth like never before'

A marine engineer says it is positioned for “growth like never before” after earnings reached a five-year high.

Tekmar Group is “actively” assessing takeover targets as it bids to “outperform an improving market”.

The growth blueprint was unveiled in latest results that showed adjusted EBITDA jumped 183 per cent to £1.7 million in the year to September 30.

Gross profit increased to £10.5 million at the business, headquartered in Newton Aycliffe, County Durham, with operating losses halving to £3.8 million.

Bosses say the figures highlight the initial impact of a turnaround plan at the firm, which is known for providing subsea cable protection systems to the energy sector.

Richard Turner, chief executive, said: “These results demonstrate we now have a stronger platform from which we can execute our medium-term plan to deliver true scale and diversification.

“The 2024 financial year was a transitionary year where we focused on the basics – providing high-quality engineering, delivering on time and maintaining consistent commercial discipline.

“Accelerating the level of EBITDA and cash generation is key as we look to build scale, strengthen the technology and services we offer and expand our reach in targeted geographies.

“A robust acquisition pipeline has been developed, and the board is actively assessing complementary acquisition targets.

“Looking ahead, our markets are aligned for growth like never before.

“Our strategy looks to capitalise on our industry pedigree to drive organic growth across all revenue streams, enhance returns on sales, drive value through strategic mergers and acquisitions and generate cash to build reserves and fuel our growth.”

The firm also includes Pipeshield, which supplies equipment to protect subsea energy lines, and the Ryder-branded engineering consultancy, which has offices in Newcastle, London and Glasgow.

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